0000890564-26-000050
SEC filing营收微降但盈利大幅下滑，收购整合与成本上升拖累利润率。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,007.0M | $1,020.6M | -1.3% |
| Gross Profit | $284.6M | $293.3M | -3.0% |
| Gross Margin | 28.3% | 28.7% | -40bps |
| Operating Income | $41.1M | $59.6M | -31.0% |
| Operating Margin | 4.1% | 5.8% | -170bps |
| Net Income | $14.2M | $29.3M | -51.5% |
| Diluted EPS | $0.35 | $0.67 | -47.8% |
| Operating Cash Flow | $70.7M | $141.7M | -50.1% |
| Free Cash Flow | $55.4M | $122.4M | -54.7% |
营收微降1.3%至$1,007.0M，主要受联邦政府分部（-2.3%）拖累，商业分部仅降0.9%。毛利率压缩40bps至28.3%，主因高利润的permanent placement收入占比下降及墨西哥交付中心汇率影响。经营利润率大幅下滑170bps至4.1%，除毛利率外，SG&A费用同比增$9.4M（含$9.8M收购整合费用），利息费用增$2.2M。净利腰斩至$14.2M，有效税率升至31.4%（去年同期29.2%），反映WOTC未续及海外税负增加。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Commercial | $701.7M | -0.9% | $47.3M | 6.7% | TMT增长，其他行业下滑 |
| Federal Government | $305.3M | -2.3% | $24.3M | 8.0% | 国防民用减少，国家安全增长 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $152.9M | -$8.3M |
| Total Debt | $1,438.1M | +$268.7M |
| Accounts Receivable | $766.3M | +$91.9M |
| Operating Cash Flow | $70.7M | -$71.0M |
| Capex | $15.3M | -$4.0M |
| Free Cash Flow | $55.4M | -$67.0M |
经营现金流大幅下降，主因应收账款增加$72.3M（DSO上升）。收购Quinnox耗资$283.6M，导致债务攀升。杠杆率2.17x，低于3.75x约束。